How Dubai’s dream sank in a sea of debt
So is the title of the Sunday Times edition available in the Dubai U.A.E. on Nov. 29, removed by authorities from shelves: the National Media Council of the United Arab Emirates ordered the paper blocked by distributors.
A government official in Abu Dhabi, the capital of the U.A.E., said that the picture of Sheik Mohammed was “offensive” and not in line with the culture and tradition of U.A.E.Under the U.A.E.’s media code, publications are prohibited from criticizing the sheikdom’s rulers. Local media and government officials have criticized international press coverage of Dubai’s debt crisis.
Dubai World is struggling to deal with it debts estimated to exceed $80 billion; actually the request for freezee the debts of the Sovreign fund, involves “only” $26 billion.
Sheikh Mohammed bin Rashed Al Maktoum, the Ruler of Dubai, has desc.ribed the global financial crisis as a “passing cloud,” reports the UAE’s official news agency WAM
The Sunday Times is part of News International, a unit of News Corp., owner of Dow Jones & Co. The Times and The Sunday Times are published in the U.A.E. through a local partner SAB Media.